The first thing I tell my buyers and sellers is to read about the different kinds of sales on the home page of my website. If you need help please contact me.
Regular Sale. Short Sale, REO, Pre Foreclosure, Online Auctions
In today's San Francisco Bay Area market there are numerous properties for sale. I have been working with buyers and sellers in this challenging market. For the most part, prices ranging from $200,000 to $400,000 are being sold as Short Sale or REO properties. There are some being sold on Auction websites. Very few homes in the above price range are being sold by homeowners as what we call a Regular sale. Below are a summarized definition of these types of transactions.
Regular Sale - A sale where the seller has equity in the property. The buyer and seller will thenegotiate price and terms of the sale. The seller is required to provide Disclosures according to California Law and statute. The transactions in this type of sale are generally much easier to come together as there are timelines in which the seller needs to abide by in the transaction. The seller is motivated to sell and move on in his/her life.
Short Sale - A short sale is the sale of real property where the fair market sale price is less than the loan(s) on the property. A short sale means the seller's lender is accepting a less than the existing loans on the property. Just because a property is listed with short "sale terms" does not mean the lender will accept your offer. These properties must be purchased "As Is" without any repairs or warranties. Some are in need of repair. The lender is already taking a 30% to 50% loss on the property. This is why a majority of the time, they will NOT negotiate on the price. In fact, in most cases in our area, there are multiple offers on most properties that are in good condition and the price will higher than the listed price.
If the property in encumbered with more than one loan, there could be a problem. All of the lenders must agree to a short sale or a contract can never be ratified. There is no guarantee the lender will
approve of the sale. My buyers have waited over 4 months for the lender to respond to their offer. We are still waiting for an acceptance! I have heard of circumstances where it took the lender over 9 months to respond and did not accept the offer. Statistics show over the last six months that only 20 % of these sales have closed. The homeowner should consult their CPA or Tax Attorney before entering into a Short Sale agreement.
REO/Bank Owned Property - REO is an acronym for a real estate owned property that has beenforeclosed on or repossessed by banks or lenders. These properties are also sold in "As Is" condition without any repairs or warranties. The seller (lender) is exempt by law from completing any disclosures. The agents involved in the transaction are not exempt from completing their visual inspection as per California's disclosure laws.
Prior to these properties going on the market, the lender has had an agent submit a BPO (Broker's Price Opinion). So, just as in a short sale transaction, the lender is already taking a 30% to 50% loss on the property. This is why a majority of the time, they will NOT negotiate on the price. In fact, in most cases in my area, there are multiple offers on most properties that are in good condition and the price will higher than the listed price. Again, some properties are in need of repair. The process for bank approval can be anywhere from 3 - 10 days.
Pre-Foreclosure Property - A property where the homeowner has fallen behind in their payments or when a Notice of Default (NOD) has been filed against the property by the lender. May not have much flexibility in negotiating. These properties may be regular sales or potential Short Sales. The homeowner should consult their CPA or Tax Attorney before entering into a Short Sale agreement.
Online Auctions - Recently I have found that some of the REOs that have not sold were placed on an online auction website. Do not be fooled in thinking that you can purchase these properties lower than what they were listed for by an agency. The agency still has the listing. The website starts with a minimum bid and the buyer is made to believe that they can purchase this property for this amount if there are no other bidders. Not so, there is a reserve amount that the lender expects to get for the property. This price is usually what the real estate agency has listed the property for in the multiple listing service. There is a 5-10% fee paid to the auction house in addition to the final bid price. These properties are all "As Is" sales without inspections or warranties.
WOW! The California Association of Realtors has just rolled out another great service for the buyers who work with California Realtors to purchase a home. Through the C.A.R. Housing Affordability Mortgage Protection Program, first-time buyers who lose their jobs due to layoffs may be eligible to receive up to $1500 a month for 6 months to help make their mortgage payments. A co-buyer may be eligible to receive up to $750 a month to help make the payments. This program also includes death benefits and accidental disability insurance for qualified buyers. A first-time homebuyer is anyone who has not owned a home in the last 3 years.
An agent in my office came up with the idea a few months ago and sent it on to C.A.R. She has been very prominent on the Housing Affordability committee at C.A.R.
For all you first-time homebuyers who want to work with a Realtor in the Know, please call me for more details on this great program!
I have been serving buyers and sellers in the Alameda and Contra Costa counties for over 25 years.
Our California Statewide MLS is moving along very fast! Aside from the fact that we will be able to search properties through out the state, I am very exited about the vendor! Concentric is the vendor of choice. The agents will be able to go on directly through Concentrics or if you MLS chooses, they can still use the front end of their existing MLS and the agents will not have a learning curve.
Of course your MLS will have to opt-in and join calREDD or the agents will not have statewide access. Concentric is a new company and it is a fantastic program! They are making presentations to Associations and real estate companies right now. You might want to sit in on a presentation. Go to the calREDD for more info. It is worth it!
The public needs to be aware of this new Multiple Listing Service too. They need to know if their agent will have access to this wonderful service.
The directors of the California Association of Realtors voted on Saturday to fund a line of credit in the amount of 3 million dollars for future development and ongoing operations of our new State MLS. It will be called CAL REDD (Calfornia Real Estate Dynamic Data). Concentric provided a demo of their system. It is great! If MLS' opt in to the statewide MLS they can use their own front end system or go directly to Concetric's system. I do not know why anyone would want to continue with their own front end system when Concentric is so wonderful with a lot of bells and whistles that agents would love to use! Wait and See! I think you will like it.
I have the best State Association. The California Association of Realtors is always helping their members in every way. Everyday I receive helpful information. Not only is the information helpful to me but my association gives us information to pass on to the consumer and our clients. The information below is a help to all, you, me and especially the homeowner.
Mortgage Workout Program
The following information is intended for REALTORS® and homeowners seeking information on existing mortgage workout programs. In general, the loan modification programs on the chart (see link below) and consumer information sheets (see links below) are intended for primary residences only.
For an informational chart on existing mortgage workout programs, click here. The chart is a compilation of programs offered by the larger lenders and government entities. If a specific lender or loan servicer is not on the chart, homeowners may wish to contact the lender or loan servicer to determine if a workout program is available.
Consumer information sheets containing detailed information on specific programs I as a REALTOR® can share with you, please click on the appropriate link below.
. Federal Government Loan Modification (Participants include: Fannie Mae, Freddie Mac, Federal Home Loan Banks, Hope Now participants, Department of the Treasury, Federal Housing Administration and the Federal Housing Finance Agency, and Wells Fargo.)
Mortgage loan modifications typically are handled on a case-by-case basis. Homeowners having difficulty meeting their mortgage obligation or interested in finding out more about a loan modification program should start by contacting their lender. Prior to calling a lender or loan servicer, homeowners should have the following information available:
We just had a presentation in our office from a title company in Alameda. The marketing rep was talking about the new law SB133. She spoke about the services that they can do for agnents now that this law has passed. RESPA is really coming down hard on the do's and dont's of services to real estate agents. They can only offer services that actually are related to title and escrow. They can no longer provide classes, escrow folders, buyer's and seller's booklets and much more. This is being enforced so that title companies cannot offer services in exchange for business. What does your favorite title company have to say about this?
Have any of you wondered how to find as many ways as possible to give back to your community. Well, here are 20 ways in which you can help others! Not every volunteer effort has to change the world. Let your efforts shine a bit more/ Here are some simple ways you can improve your community:
1. Help an elderly neighbor rake leaves, grocery shop or do home repairs.
2. Give away free flowers, seeds or plant to a neighbor in the Spring.
3. Put out flags for the Fourth of July in neighborhood front yards.
4. Sponsor a Little League team or any children's athletic team.
5. Become active in the Chamber of Commerce.
6. Start a garden or historical walk.
7. Speak at career day at the elementary school.
8. Repaint a playground.
9. Take your pet to the local senior center.
10. Organize and gather goods & beds for the Women's Shelter.
11. Be a Big Brother or Sister to a child.
12. Encourage homeowners to donate clothing and furniture.
13. Get involved with your local community.14. Sponsor a school to help with their needs.
15. Bring a carload of newspapers,towels & blankets to the animal shelter.
16. Ask a local teacher what supplies his or her class needs most and donate them.
17. Hold a canned food drive and deliver the goods to the food bank..
18. Organize a town or beach clean-up day.
19. Take a lonely child with you when your family goes to the movies.
20. Sponsor a family in need in providing food and clothing.
How does one choose a good Realtor? There is a difference between an agent and a Realtor. a Realtor belongs to the National, State and a Local Association of Realtors. A Realtor must abide by the National Association's code of ethics. We have a good monitoring process if a Realtor does not abide the code of ethics. An agent is one who has a license but does not belong to the National, State and Local Association. They are not bound by our strict code of ethics unless they belong and are in violation of their Multiple Listing Service . In California the consumer should check the validity of the Realtor's license before working with them. The public can go to the Department of Real Estate's website to check any agent's license. I always check to see if an agent has a license before I write an offer. As of July 1st, all agents whether they are a Realtor or not will be required to place their DRE license number on their business cards and other marketing materials. Below is a little bit about me.
I received my Salespersons license in 1984 and with much further education received my Broker's license in 1989. I am constantly taking consumer protection classes in order to protect my clients. I currently holds six designations . Prior to working with Kane & Associates, I was part owner of a small Alameda real estate company, worked with two Alameda real estate companies and a prominent Bay Area Franchise. I have extensive real estate experience in sales, negotiating, technical skills, management, marketing and training other REALTORS®. I give the best service to my clientele. I stay in constant communication before and after the transaction closes escrow. I have been a State Director for the California Association of Realtors® since 1993 and continue to be active in Local Real Estate Associations. This keeps me updated with Real Estate Laws, Regulations, and Contracts.
The decisions we make today will determine our future, and I want to help my clients make the right decisions and find the perfect home or investment property. I take great pride in my dedication to high quality service and commitment to my clients. Thorough and thoughtful consideration is incorporated into each transaction to achieve the perfect balance of professionalism, sensitivity and toprovide a positive experience. With my prominent professionalism and sensitivity, your investments are in trusted hands.
This prospectus gives me the opportunity to highlight my background, strengths, experiences, and achievements. I am committed to providing the highest level of service to each buyer and seller and guiding them throughout the transaction process. Having been in the industry for 24 years, my negotiation skills, knowledge, and expertise will bring you winning results.
For Sellers, excellent positioning of the property and presenting it with positive market exposure is the key to getting the highest and best price for your property, regardless of market conditions.
For Buyers, keeping you updated with the most recent Real Estate market trends and information will help you make better decisions when you are ready to buy. As an experienced Real Estate Broker, I continuously attend seminars and training programs on how to better assist you in locating properties that will fit your needs. During the transaction process, I will make sure that you have a trusting qualified lender and a pre-approved loan to ensure a smooth and successful transaction.
I will keep in constant communications with you every step of the way. Making a decision to buy or sell is an important decision, both emotionally and financially. I recognize your needs and will be there to walk you through this exciting process.
You will find why it is important in selecting me as your real estate agent. Doing so, your real estate needs will be handled with the utmost professionalism and confidence. As a real estate Broker, I have more education and am better trained in my profession. My REALTOR® designations as a CRS, Certified Residential Specialist, which is held by only 4% of REALTORS® in the country, ASP Accredited Staging Professional, e-PRO, (Online Real Estate Marketing) and PMN (Performance Management Network), will allow me to better assist you in your investments and make your dreams come true.
If you are interested in Purchasing, Selling a property or have any real estate questions please contact me:
What is it that you like about being in the real estate business? I have been a broker for over 24 years and sometimes I wonder why I am still here. I love closing escrows for satisfied buyers and sellers. I love educating myself to pass along to consumers and other Realtors. I love to help others. The most difficult part of the business is to be consisitent in getting business. How do you feel and what do you like about being a Realtor?
I am off to Monterey in a week for the first director's meeting of California Association of Realtors. Being a director since 1993 keeps me updated and current on contracts and California's real estate laws. If you ever have the opportunity to attend it is worthwhile. Thursday is the best day to attend committee meetings and your regional caucus meetings in the evenings. It is a great way to network and meet other Realtors from every city in California. View Lesley Appleton Young's 2009 forecast. I believe the consumer can access this forecast too. It is always helpful and Lesley is very well known as a reliable economist. She is always sold out at our luncheons!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
The chart is a compilation of programs offered by the larger lenders and government entities. If a specific lender or loan servicer is not on the chart, homeowners may wish to contact the lender or loan servicer to determine if a workout program is available.
We just had a presentation in our office from a title company in Alameda. The marketing rep was talking about the new law SB133. She spoke about the services that they can do for agnents now that this law has passed. RESPA is really coming down hard on the do's and dont's of services to real estate agents. They can only offer services that actually are related to title and escrow. They can no longer provide classes, escrow folders, buyer's and seller's booklets and much more. This is being enforced so that title companies cannot offer services in exchange for business. What does your favorite title company have to say about this? 
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